on schedule A but get no credit for being a living, breathing
human
being if you otherwise would have used the standard deduction.
If you have state income tax, this is also deductible (except the states without this tax) and will partially offset the loss of the standard deduction.
···
From: "deuceswild1000" <deuceswild1000@yahoo.com>
Reply-To: vpFREE@yahoogroups.com
To: vpFREE@yahoogroups.com
Subject: [vpFREE] Re: US Tax Question - 1099-MISC income offset w gambling losses
Date: Wed, 25 Jun 2003 04:28:49 -0000--- In vpFREE@yahoogroups.com, "staninnv" <arnot@l...> wrote:
> Your missing the point I believe. In-order to write off losses
> against wins, you MUST use schedule A and your losses are entered
> under misc deductions. If you use schedule A, you can't take the
> standard deduction. If for instance you have 10,000 in W2G's, and
> have at least that amount of losses, you can write off that 10
grand
> on schedule A but get no credit for being a living, breathing
human
> being if you otherwise would have used the standard deduction.
>
> > It would seem to me (not a tax expert) that if your itemized
> > deductions are less than standdard deduction then std ded. is
the
> > way to go. If I understand what everyone says, it is that at
best
> > you can offset wins by an equal amount of losses. So your net
> would
> > be zero from gambling. Therefore what is left is what you have
> to
> > itemize or std deduction which ever is greater.
> >
> > I have tried to ask this question a couple of times on various
> > boards and of some of the regular gambling writers and have
never
> > got an answer that made sense.
> >
> > Somebody straighten us out.
> >
> > DWKYes, I knew that (either itemize or standardize, but not both). Did
not express myself very good. Been away for a few days so just
getting back. It gets very complicated. Best thing to do is work
it out both ways, using estimates if you have to.DWK
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